Quest Global said to pick banks for $1 billion India IPO

Carlyle Group Inc.-backed Quest Global Services Pte has hired banks for an initial public offering in Mumbai that could raise as much as $1 billion, according to people familiar with the matter.

The Singapore-based engineering services firm has appointed Axis Capital Ltd., Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley and Citigroup Inc. to advise on the share sale, the people said, asking not to be identified because the discussions are private. The draft prospectus likely to be filed by December, people said. The proposed IPO is expected to comprise a mix of new shares and stock sold by existing investors, they added.

Details including the size and timing of the offering are still under discussion and could change, the people said. Representatives for Quest Global and the banks didn’t respond to requests for comment.


Carlyle acquired a significant minority stake in Quest Global in 2023 in a transaction that marked the exit of Bain Capital and Advent International. Hillhouse Investment Management Ltd. acquired a minority stake in the company earlier this year through a deal that included a primary capital infusion as well as the purchase of shares from some existing shareholders.

India’s market for new share sales has begun to recover after a subdued first half of the year. Recent large offerings include SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. Companies have raised about $7.3 billion through IPOs this year, compared with a record $22.4 billion in all of 2025, according to data compiled by Bloomberg.

Quest Global employs more than 23,000 people across 20 countries and provides engineering services to industries including aerospace and defense, automotive, energy, technology, health care and semiconductors, according to its website.